BioMarin Surpasses Revenue and EPS Estimates

 

• Revenue: Reported at $648.8 million, marking a 9% increase year-over-year, slightly below the estimated $651.79 million.

• Net Income: GAAP net income surged to $88.7 million, a substantial 74% increase from the previous year, significantly exceeding the estimated $62.56 million.

• Earnings Per Share (EPS): GAAP diluted EPS reached $0.46, up 70% year-over-year, surpassing the estimated $0.35.

• Non-GAAP Performance: Non-GAAP diluted EPS reported at $0.71, an 18% increase year-over-year, indicating strong profitability excluding specific expenses.

• Product Performance: VOXZOGO revenue soared by 74% to $152.9 million, driven by a significant increase in the number of children treated.

• Research and Development: Focused investment in high-value programs, with increased R&D expenses supporting new indications for VOXZOGO and other key assets.

• Full-Year Guidance: Reaffirmed total revenue expectations and raised non-GAAP operating margin and EPS forecasts, reflecting confidence in continued growth and operational efficiency.

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) released its 8-K filing on April 24, 2024, revealing a robust financial performance for the first quarter of 2024. The company reported total revenues of $648.8 million, a 9% increase year-over-year, which surpassed the analyst's expectation of $651.79 million. Notably, GAAP diluted earnings per share (EPS) stood at $0.46, a significant 70% increase from the previous year, and non-GAAP diluted EPS was $0.71, up 18% year-over-year, both exceeding the estimated earnings per share of $0.35.

https://finance.yahoo.com/news/biomarin-pharmaceutical-inc-bmrn-q1-213335734.html